Ex-Citizens Bank CEO, philanthropist George Graboys dies at 85

Saturday

George Graboys, known for his career at Rhode Island's largest bank and his dedication to serving Rhode Island's neediest and most vulnerable, died Saturday. He was 85.

His death on the East Side was announced by his middle son, Ken Graboys.

Graboys, a native of Fall River, Massachusetts, had a degree from Dartmouth College and a law degree from the University of Pennsylvania and followed his father into the banking world in 1969. Lewis M. Graboys was president of Washington Finance Corp., a loan and investment company whose assets Citizens Trust Co. acquired that August.

George Graboys started as vice president at Citizens, in charge of creating an asset-based lending department, became president in 1975 and corporation chairman in 1984. Under his leadership, Citizens was converted in 1985 from a mutual savings bank to a stockholder-owned company. In 1986, he negotiated the sale of Citizens to Royal Bank of Scotland Group for $440 million.

Graboys had helped steer the bank from an $800,000 lender to a more than $4-billion financial institution by the time he retired as chairman and chief executive officer in 1992.

What mattered to him most was running Citizens as "the people's bank," serving the most Rhode Islanders and being in the communities where financial services were needed, said Ken Graboys.

A few decades ago, Citizens was the only bank with offices in South Providence — a location that was a source of pride for George Graboys.

"He really ran the bank in such a way that the number-one stakeholder was the people of Rhode Island," said Ken Graboys. "The mission of Citizens was to provide opportunities and means that they couldn't get elsewhere."

In 1990, the Anti-Defamation League of New England gave Graboys the Torch of Liberty Award in recognition of his community service and his efforts on behalf of minorities. In announcing the award, then-chairman Richard A. Licht noted how Graboys had devoted his career as a banker to fighting "redlining," the denial of mortgages for properties in poorer areas of the city.

During his 23-year career at Citizens and into retirement, Graboys championed causes to help minorities and the needy. He was approached frequently about running for governor or Congress, but he felt he could do more for people through his work at Citizens and by serving on multiple boards, according to his son.

"I don't think it was my father's nature to be proud of acknowledgements or awards," he said. "He was dedicated to the state of Rhode Island and people who were vulnerable."

Graboys was chairman of the Rhode Island Foundation and its acting CEO for a year and a half. He was a founding member, chairman and director of the Children's Crusade for Higher Education, a nonprofit program started in 1990 to help children stay in school and out of trouble, with the guarantee of a college education.

“George was a pioneer in the field of college access,” said Andrew Bramson, head of the College Crusade, as the organization is called today. “Thirty years ago when there was little expectation that low-income students would go to college, George saw the world differently. He recognized the incredible potential of first-generation and underrepresented students and went on to lead a tireless charge to invest in their achievement.”

Graboys was former chairman of the Rhode Island Urban Project and the state Board of Governors for Higher Education, as well as the United Way of Southeastern New England. He was a former director of The Miriam Hospital, the International Institute of Rhode Island and the National Conference of Christians and Jews, and national director of the Chamber of Commerce.

After retiring from Citizens, Graboys wanted to share his knowledge with students and show them the impact of economics. "The world has been very kind to me," he explained at the time. "It's a way to give something back." So, he became an adjunct professor and executive-in-residence at the University of Rhode Island's School of Business.

Even his pastimes were opportunities to help others. An avid runner, Graboys began Citizens' sponsorship of the annual Ocean State Marathon and ran the race himself four times. He continued running until he was 80, his son said.

Graboys is survived by his wife, Lois, to whom he was married for 60 years. They met at a cousin's wedding in Fall River and discovered they shared a passion for community service, their son said. Lois Graboys founded Volunteer Services for Animals.

"She was the love of his life," Ken Graboys said.

Graboys is also survived by sons Ken and Jim Graboys, a daughter, Angela Graboys Rudner, and five grandchildren.

Growing up with parents who were community-minded influenced the three of the Graboys children to focus on serving others, said Ken Graboys. He went into the Peace Corps and now is founder and CEO of The Chartis Group, an analytics services firm for the health-care industry.

Angela Graboys Rudner was a rabbi and spiritual leader who later became a therapist in Rhode Island. Jim Graboys was a police officer in Montgomery, Alabama, for 20 years, rising to become police commander. He is now safety chief at Alabama State University and works on a juvenile reentry program.

Their father, Ken Graboys said, "was a wonderful role model."

— amilkovi@providencejournal.com

(401) 277-7213

On Twitter: @AmandaMilkovits

Never miss a story

Choose the plan that's right for you.
Digital access or digital and print delivery.